Yes, says Bernstein’s Geoffrey Porges and Wen Shi, who look at the possibilities for “intrepid or activist investors” to create value in Amgen (AMGN).

There’s no question that Amgen’s stock has been a disappointment. Last year, its shares gained 35%, barely trumping the S&P 500's 32% return, while big competitors like Biogen Idec (BIIB) and Gilead Sciences (GILD) gained more than twice that.